MERLIN Properties Annual Report 2020 / English

| 35 (1) Bps based on exit yield. (2) For LfL Growth purposes WIP & land is included within its category. MERLIN portfolio has been appraised by CBRE, Savills and JLL, for a total GAV of € 12,811m. GAV breakdown is the following: GAV (€ m) LfL Growth Gross yield Yield expansion/(compression) (1) Offices 6,322 +1.0% 4.1% (46) Logistics 1,026 +8.0% 5.6% (26) Shopping centers 2,207 (8.7%) 5.0% 24 Net leases 1,846 (0.2%) 4.7% (1) WIP & land 390 n.a. (2) n.a. 0 Other 444 (6.2%) 3.0% 2 Equity method 575 +4.9% n.a. 0 Total 12,811 (0.6%) 4.5% (23) Portfolio valuation